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1992-216
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1992-216
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Last modified
2/25/2021 2:20:53 PM
Creation date
10/20/2020 3:39:29 PM
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Resolutions
Resolution Number
1992-216
Approved Date
11/24/1992
Subject
Authorizing th Issuance of not exceeding $7,530,000 Refunding Revenue Bonds, Series 1992
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of financial advisors, printing expenses, premiums and expenses related to <br />insuring or rating the Series 1992 Bonds and all other similar costs and expenses <br />incurred in connection with the issuance of the Series 1992 Bonds and the <br />retirement of the Series 1985 Bonds and the Series 1987 Bonds to be retired shall <br />be paid or provided for. <br />E. The balance remaining, if any, after making all the deposits and <br />payments provided for above shall be deposited into the Sinking Fund and used <br />only for the purpose of paying the principal of and interest on the Series 1992 <br />Bonds which first becomes payable. <br />SECTION 13. REBATE. Anything to the contrary contained herein <br />notwithstanding, the County shall at least annually transfer appropriate amounts <br />from the funds and accounts under the Master Bond Resolution and hereunder to <br />which income on investments attributable to the Series 1992 Bonds has been <br />deposited into an account to be known as the "Refunding Revenue Bonds, Series <br />1992, Rebate Account" (herein the "1992 Rebate Account") sufficient to pay to the <br />United States of America all amounts due with respect to the Series 1992 Bonds <br />under the provisions of Section 148 (f) of the Code. The earnings on the 1992 <br />Rebate Account shall be added to and become a part of the 1992 Rebate Account. <br />Moneys in the 1992 Rebate Account shall only be used to pay the amounts due to <br />the United States of America under said Section of the Code with respect to the <br />Series 1992 Bonds as the same shall become due and payable. It is the intent of <br />this paragraph to provide for payment of all amounts due under said Section of <br />the Code with respect to the Series 1992 Bonds, in such installments and at such <br />times as may be required by said Section of the Code. In the event of any <br />amendment to the Code or the promulgation of regulations under the Code which <br />provide or require otherwise than as provided or required in this paragraph, this <br />paragraph shall be deemed to be amended to incorporate such amendments or <br />regulations, to the extent applicable, and any provisions hereof which conflict <br />with the provisions thereof shall be deemed to be null and void. <br />SECTION 14. SALE OF THE SERIES 1992 BONDS. The Series 1992 Bonds may be <br />sold at public or private sale pursuant to the Act, all at one time or from time <br />to time, as shall be provided by subsequent resolution of the Board. <br />SECTION 15. MODIFICATION OF RESOLUTION. No adverse material modification <br />or amendment of this Resolution, or of any resolution amendatory hereof or <br />supplemental hereto, may be made except as permitted under Section 18 of the <br />Master Bond Resolution. <br />SECTION 16. SEVERABILITY. If any one or more of the covenants, agreements <br />or provisions of this Resolution should be held contrary to any express provision <br />of law or contrary to the policy of express law, though not expressly prohibited, <br />or against public policy, or shall for any reason whatsoever be held invalid, <br />then such covenants, agreements or provisions shall be null and void and shall <br />be deemed separate from the remaining covenants, agreements and provisions <br />hereof, and shall in no way affect the validity thereof or of the Bonds. <br />SECTION 17. REPEALER. Any resolution or part thereof, except the Master <br />Bond Resolution or part thereof, in conflict with this Resolution or part hereof <br />is, to the extent of such conflict, hereby repealed. In the event of a conflict <br />between the Master Bond Resolution or part thereof and this Resolution or part <br />hereof, the Master Bond Resolution or part thereof shall, to the extent of such <br />conflict, prevail, except as may be specifically provided herein. <br />
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